What are the potential benefits of professional indemnity insurance?

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Professional indemnity insurance applies to individuals and organisations involved in providing services based extensively on personal knowledge and skills. 
It protects our business against claims for loss by a client or a third party if we make mistakes and are found to have been negligent. 
Typically engineers, solicitors, consultants and accountants carry PII, but many self employed are also now choosing to have cover if they provide advice, support or contract auditing.

 

 

What does it cover?

PII covers claims against an individual for a breach of a professional duty but, depending on the policy, cover can extend to:

 

 • Misleading and deceptive conduct

 • defamation

 • Breach of intellectual property rights

 • Damages arising from fraud

 • Defence costs associated with claims